Behind the MLS-driven initiative to monetize real estate data

After announcing a deep tech and operations collaboration in February, the nation’s two largest MLSs, CRMLS and Bright MLS, which have approximately 110,000 and 103,000 subscribers, respectively, announced a new joint venture in August, REdistribute, which will sell MLS data to institutional consumers and share revenue with brokers.

The move is part of an ongoing effort by MLSs to innovate and evolve to better meet the data needs of brokers and modern consumers.

“We think there’s a lot of value out there in the industry that is not being recognized by our brokers,” said CRMLS CEO Art Carter. “The purpose of REdistribute is to empower brokers to get some of the value of their listing content back into their hands.” 

To provide more nuance and reasoning behind the new venture, Clint Skutchan, T3 Sixty senior vice president of organized real estate, recorded a video interview with Carter on August 19. Replay below to learn more about the initiative and the reasoning behind it.